THE SENATE
                  THE TWENTIETH LEGISLATURE
                   REGULAR SESSION OF 1999


        COMMITTEE ON COMMERCE AND CONSUMER PROTECTION
                Senator Brian Kanno, Co-Chair
            Senator Brian T. Taniguchi, Co-Chair

            COMMITTEE ON EDUCATION AND TECHNOLOGY
                  Senator David Ige, Chair
             Senator Norman Sakamoto, Vice-Chair


                   NOTICE OF JOINT HEARING

        DATE:    Wednesday, February 3, 1999

        TIME:    9:00 a.m.

        PLACE:   Conference Room 016
                 State Capitol
                 415 South Beretania Street


                         A G E N D A


SB 1182    RELATING TO THE UNIVERSITY OF HAWAII OPTIONAL          EDU/CPN, WAM
        RETIREMENT SYSTEM.
        To restrict participation in the UH ORS to Bargaining Unit 07
        members (UH faculty) and those who would be in BU 07 but for their
        administrative or other excluded positions and to clarify that
        collective bargaining required by the statute shall be limited to
        the Employer's contribution rate.

SB 367     RELATING TO RETIREMENT BENEFITS                        CPN/EDU, WAM
        Allows UH athletic coaches to participate in alternative retirement
        plans.



                              CPN HEARING


SB 211     RELATING TO THE EMPLOYEES RETIREMENT SYSTEM                CPN, WAM
        Extends repeal date of pensioners and retirants bonuses from
        6/30/99 to 6/30/2001.

SB 834     RELATING TO EMPLOYEES RETIREMENT SYSTEM                    CPN, WAM

 
        Amends ERS pensioners bonus formula by calculating post retirement
        allowances using compounded interest rather than simple interest.



SB 39      RELATING TO THE EMPLOYEES RETIREMENT SYSTEM                CPN, WAM
        Allows qualified contributory members of the ERS who have not
        already purchased their military service credit to receive a 1-1/4%
        per year service credit for up to 4 years at no cost.

SB 746     RELATING TO THE EMPLOYEES RETIREMENT SYSTEM                CPN, WAM
        Allows county department and state agency heads class A membership
        status in the retirement system as their state counterparts.

SB 950     RELATING TO THE EMPLOYEES RETIREMENT SYSTEM                CPN, WAM
        Allows any class C member of the ERS who elected to become a class
        C member to re-enter class A membership as of 1/1/00 provided the
        member returns all retirement and post-retirement contributions,
        including interest, refunded after the election to convert to class
        C membership, notify the board in writing by 12/1/99, and satisfy
        all other requirements for class A membership.  Also allows any
        class A member to elect to enter class C membership.

SB 1281    RELATING TO THE EMPLOYEES RETIREMENT SYSTEM                CPN, WAM
        To allow the Board of Trustees to appoint a chief investment
        officer and an assistant administrator who will serve at the
        pleasure of the Board.

SB 1282    RELATING TO THE EMPLOYEES RETIREMENT SYSTEM                CPN, WAM
        To help limit the ERS' liability in real estate investments.

SB 1296    RELATING TO COMPOSITION OF THE BOARD OF THE                CPN, WAM
        EMPLOYEES RETIREMENT SYSTEM
        To increase the Board membership from eight to nine members to
        include a fourth citizen trustee.

SB 204     RELATING TO THE EMPLOYEES RETIREMENT SYSTEM                CPN, WAM
        Requires the investment of ERS funds in economically-targeted
        investment venture capital enterprises, subject to minimum and
        maximum limits.




              DECISION MAKING TO FOLLOW, IF TIME PERMITS.



Persons wishing to testify should submit 30 copies of their testimony to the
committee clerk, Room 202, State Capitol, 24 hours prior to the hearing.

 
 
 
Testimony may also be faxed if less than 5 pages in length, to the Senate
Sergeant-At-Arms Office at 586-6659 or 1-800-586-6659 (toll free for neighbor
islands), at least 24 hours prior to the hearing.  When faxing, please
indicate to whom the testimony is being submitted, the date and time of the
hearing, and the required number of copies needed for submittal.

If you require special assistance or auxiliary aids or services to participate
in the public hearing process (i.e., sign language interpreter, wheelchair
accessibility, or parking designated for the disabled), please contact the
committee clerk 24 hours prior to the hearing so arrangements can be made.



















Public Folder.  A folder labeled "Public Folder" containing the measures and
testimonies for the hearing will be available for shared use by members of the
public.

FOR FURTHER INFORMATION, PLEASE CALL THE COMMITTEE CLERK AT 586-6830.



___________________________       _______________________________
Senator David Ige                 Senator Brian Kanno
Chair                             Co-Chair



                               _______________________________
                               Senator Brian T. Taniguchi
                               Co-Chair